DLT and cryptocurrencies
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Attitude of the country towards financial services using crypto currencies
More and more businesses in Slovenia (mainly shops, restaurants etc.) allow crypto currency payments, but there is no data on how widespread this form of payment is among consumers.
Obligations and requirements to provide financial services using crypto currencies described above
Providing financial services using crypto currencies is not regulated in Slovenia, provided that the crypto currencies or other virtual assets cannot be considered as security or electronic money. Generally, crypto currencies and other virtual assets cannot be considered as security under Slovenian law since they do not meet the requirements regarding the relevant form.
However, in case of provision of such services the regulation may depend on the specifics of the service offered, cash flows in fiat currencies and the legal relationship between all the stakeholders involved. Such services could then be considered as payment services for provision of which authorisation of Bank of Slovenia is required.
Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
Slovenia does not have crypto-specific legislation, but virtual assets may be subject to existing financial regulation and taxation. The stance so far has been rather to provide sufficient clarification to current regulation in force, mostly by way of clarifications by the Slovenian Securities Market Agency (ATVP) and Slovenian Tax Authority (FURS). Being a part of the EU, Slovenia will most likely follow the regulatory developments on the EU level and most likely not deviate from that.
Market size for financial services using crypto currencies and biggest companies in this business area
No official data is available.
The company Eligma has developed GoCrypto, a payment system that can be used to pay for purchases with crypto currencies. According to the company, around 1000 locations in Slovenia have adopted the system. There are no other major crypto currency payment providers in Slovenia.
Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area